Ecarx Holdings Financials
Ecarx Holdings (ECX) reported $847.9M in revenue for fiscal year 2025, up 9.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
ECARX is scaling revenue while gross margins compress, with financing supplying liquidity as operating losses narrow.
From FY2023 to FY2025, revenue climbed to$847.9M while gross margin fell to19.0% ; growth is therefore arriving with weaker unit economics rather than simply absorbing fixed costs. In FY2025, the net loss narrowed to-$66.0M , but operating cash flow remained-$94.4M , showing that improved reported earnings have not yet translated into comparable cash generation.
The cost structure is doing much of the earnings work: FY2025 SG&A fell to
The balance sheet reflects liability-funded operations: the current ratio was only 0.6x and equity was negative at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ecarx Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ecarx Holdings has an operating margin of -6.5%, meaning the company loses $6 on every $100 of revenue. This results in a profitability score of 30/100. This is up from -15.9% the prior year.
Ecarx Holdings's revenue grew 9.9% year-over-year to $847.9M, a solid pace of expansion. This earns a growth score of 72/100.
Not available for Ecarx Holdings, and counted as zero in the overall score.
Ecarx Holdings's current ratio of 0.59 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Ecarx Holdings's operations used $94.4M of cash, and capex of $12.2M added to the outflow, for a free cash flow shortfall of $106.6M. This results in a cash flow score of 13/100.
Ecarx Holdings scores -1.86, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($412.6M) relative to total liabilities ($945.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ecarx Holdings passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
Ecarx Holdings reported a net loss of $66.0M while operations used $94.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Ecarx Holdings reported an operating loss of $54.8M against $23.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ecarx Holdings generated $847.9M in revenue in fiscal year 2025. This represents an increase of 9.9% from the prior year.
Ecarx Holdings's EBITDA was -$34.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 65.9% from the prior year.
Ecarx Holdings reported -$66.0M in net income in fiscal year 2025. This represents an increase of 49.1% from the prior year.
Ecarx Holdings earned -$0.20 per diluted share (EPS) in fiscal year 2025. This represents an increase of 48.7% from the prior year.
Cash & Balance Sheet
Ecarx Holdings recorded an outflow of $106.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 40.4% from the prior year.
Ecarx Holdings held $87.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Ecarx Holdings's gross margin was 19.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the prior year.
Ecarx Holdings's operating margin was -6.5% in fiscal year 2025, reflecting core business profitability. This is up 9.5 percentage points from the prior year.
Ecarx Holdings's net profit margin was -7.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Ecarx Holdings invested $123.3M in research and development in fiscal year 2025. This represents a decrease of 29.5% from the prior year.
Ecarx Holdings invested $12.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 23.5% from the prior year.
Not reported for fiscal year 2025.
ECX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q4'22 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
ECX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|---|---|
| Total Assets | $662.4M+33.8% | $494.9M-3.8% | $514.3M-7.3% | $555.0M-7.7% | $601.1M-2.5% | $616.3M |
| Current Assets | $483.2M+25.2% | $385.8M-0.1% | $386.1M-4.8% | $405.5M-12.5% | $463.2M-2.6% | $475.7M |
| Cash & Equivalents | $87.1M+1.0% | $86.2M+94.8% | $44.3M-59.2% | $108.4M+35.0% | $80.3M-24.9% | $106.9M |
| Inventory | $62.3M+78.2% | $35.0M+9.8% | $31.9M+30.7% | $24.4M+7.6% | $22.6M+18.7% | $19.1M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $60.6M |
| Goodwill | $3.7M+2.6% | $3.6M+2.5% | $3.5M | N/A | N/A | N/A |
| Total Liabilities | $945.9M+19.7% | $790.2M+5.1% | $752.0M+0.4% | $749.0M+4.2% | $718.6M+11.9% | $642.0M |
| Current Liabilities | $823.0M+12.3% | $733.0M+4.9% | $698.6M+11.5% | $626.4M+5.5% | $593.7M+13.8% | $521.9M |
| Total Equity | -$282.7M+3.8% | -$293.7M-22.5% | -$239.7M-20.7% | -$198.5M-53.0% | -$129.8M-405.1% | -$25.7M |
| Retained Earnings | -$1.2B+0.3% | -$1.2B-6.1% | -$1.1B-12.8% | -$996.4M-6.1% | -$939.5M-13.5% | -$828.0M |
Not reported in any period shown, so not listed: Long-Term Debt.
ECX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q4'22 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
ECX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.59+0.1x | 0.530.0x | 0.55-0.1x | 0.65-0.1x | 0.78-0.1x | 0.91 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Debt-to-Equity, FCF Margin.
Note: Shareholder equity is negative (-$282.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.59), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Ecarx Holdings Ranks
Frequently Asked Questions
What is Ecarx Holdings's annual revenue?
Ecarx Holdings (ECX) reported $847.9M in total revenue for fiscal year 2025. This represents a 9.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ecarx Holdings's revenue growing?
Ecarx Holdings (ECX) revenue grew by 9.9% year-over-year, from $771.5M to $847.9M in fiscal year 2025.
Is Ecarx Holdings profitable?
No, Ecarx Holdings (ECX) reported a net income of -$66.0M in fiscal year 2025, with a net profit margin of -7.8%.
What is Ecarx Holdings's EBITDA?
Ecarx Holdings (ECX) had EBITDA of -$34.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ecarx Holdings's gross margin?
Ecarx Holdings (ECX) had a gross margin of 19.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ecarx Holdings's operating margin?
Ecarx Holdings (ECX) had an operating margin of -6.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ecarx Holdings's net profit margin?
Ecarx Holdings (ECX) had a net profit margin of -7.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ecarx Holdings's free cash flow?
Ecarx Holdings (ECX) recorded an outflow of $106.6M in free cash flow during fiscal year 2025. This represents a -40.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ecarx Holdings's operating cash flow?
Ecarx Holdings (ECX) recorded an outflow of $94.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ecarx Holdings's total assets?
Ecarx Holdings (ECX) had $662.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ecarx Holdings's capital expenditures?
Ecarx Holdings (ECX) invested $12.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ecarx Holdings spend on research and development?
Ecarx Holdings (ECX) invested $123.3M in research and development during fiscal year 2025.
What is Ecarx Holdings's current ratio?
Ecarx Holdings (ECX) had a current ratio of 0.59 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Ecarx Holdings's return on assets (ROA)?
Ecarx Holdings (ECX) had a return on assets of -10.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Ecarx Holdings's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Ecarx Holdings (ECX) held $179.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $94.4M over that year. Dividing the one by the other, the reported balance equals about 23 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Ecarx Holdings's debt-to-equity ratio negative or not reported?
Ecarx Holdings (ECX) has negative shareholder equity of -$282.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ecarx Holdings's Altman Z-Score?
Ecarx Holdings (ECX) has an Altman Z-Score of -1.86, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ecarx Holdings's Piotroski F-Score?
Ecarx Holdings (ECX) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ecarx Holdings's earnings high quality?
Ecarx Holdings (ECX) reported a net loss of $66.0M while operations used $94.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ecarx Holdings cover its interest payments?
Ecarx Holdings (ECX) reported an operating loss of $54.8M against $23.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ecarx Holdings?
Ecarx Holdings (ECX) scores 23 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.